Shipyards in Korea took market share from Chinese yards in 2011 South Korean yards took market share from Chinese yards in 2011 according to a recent report in the Danish Ship Finance Review. South Korea secured new orders of 13.5 million cgt Korean yards secured almost half of the contracted capacity (13.5 million cgt). Container and Tanker orders accounted for 85% (6 million cgt and 5 million cgt respectively). South Korea therefore maintains the position as the leading global builder of Containers and Tankers. But South Korean yards also added to their market position in the specialized tonnages. For example, orders of 1 million cgt were placed for Drillships in 2011. European owners signed 60% of the orders placed in South Korea during 2011. The order cover dropped on average 14% to 28 months in 2011. Chinese yards struggled to keep pace with their South Korean peers. In 2011, Chinese yards received new orders of 9.5 million cgt (19.5 million cgt in 2010) – primarily Dry Bulk tonnage, which accounts for 60% of the Chinese orderbook. Two thirds of all new orders were placed on behalf of Chinese or European owners. The order cover of Chinese yards dropped, on average, 17% to 28 months in 2011.
The European Union on Wednesday blamed low prices offered by South Korean shipyards for the depression in the world shipbuilding market and accused Korea of pricing ships at below cost. A report by the EU's executive Commission found the world shipbuilding market continued to face serious difficulties. "Supply still outstrips demand and there are few indications that this situation may improve," the Commission said
European Union and South Korean trade officials will meet next week in Seoul to resolve a dispute over alleged shipbuilding subsidies by Korean yards. "Working-level officials from the EU and Korea will discuss the hottest trade issue between the two parties from May 28-30 in Seoul," said Seoul's Commerce Ministry in a statement. Earlier in the month, European Trade Commissioner Pascal Lamy met South Korean Commerce Minister Hwang Doo-Yun to discuss the EU executive's threat to start a
South Korean shipyards won shipbuilding orders of 4.2 million compensated gross tons (CGTs) during the first half of this year, down 36.9 percent from a year ago, the Commerce Ministry said on Wednesday. The orders in dollar terms amounted to $6.8 billion in the period, down 25.4 percent from the previous year, the ministry said in a statement. CGT shows a country's shipbuilding capacity and factors in manpower and added value.
Athens, Greece – Tsakos Energy Navigation Limited announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers. Discussions for long-term contracts have begun
UK's Martek Marine wins large orders for its MariNOx Evolution™ on-board emissions monitoring and engine efficiency system. The orders, amounting to more than US$1-million, are from Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries. Amongst the seven orders is the world’s largest and most complicated emissions monitoring system ever to measure SOx, NOx, CO2, CH4, NO2, THC, H2S, Benzene and N20.
Yonhap reported that South Korean shipyards have unparalleled competitiveness despite recent challenges posed by Chinese shipyards, industry and government sources said. The optimistic predictions come as alarm bells have been sounded over Chinese yards outpacing domestic companies in shipbuilding orders received in the first two months of this year. Such developments have caused some in China to boast that it can become the world's number one shipbuilding country by 2015.
Lloyd's Register’s teams in China and Korea have established a strong position in terms of ships ordered in 2010 which will be built to Lloyd’s Register class. Lloyd’s Register’s share of 2010 orders is, respectively, 29.6% in China and 28.3% in Korea.* While orders are from traditional areas of strength such as Greece, the continued expansion of shipowning in Asia is also driving demand.
STX Shipbuilding Co., the first South Korean yard in China, had its biggest two-day gain in more than a week in Seoul on optimism the purchase of a stake in Norway's Aker Yards ASA will add cruise liners to its range of vessels. STX Shipbuilding has more than quadrupled this year, making it the fourth-best performer in South Korea's Kospi 200 index. The stake purchase in Aker Yards will allow STX Shipbuilding to use the Norwegian company's expertise in cruise liners
Classification society ABS held series of LNG carrier seminars on design & safety in Athens, Doha & Limassol ABS, provider of classification services to the global offshore industry, has delivered a series of seminar addressing developments in the construction and design of liquefied gas carriers. Events were held in Doha, Qatar; Athens, Greece; and Limassol, Cyprus. “As liquefied natural gas (LNG) becomes a more attractive fuel for power generation
Russian Maritime Register of Shipping (RS) has signed an agreement with South Korean yard Samsung Heavy Industries Co. LTD for design approval and survey under construction of a new series of 42,000 dwt Arctic shuttle oil carriers (project 42К Arctic Shuttle Tanker).
On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction of two suezmax tankers to be delivered in the third quarter 2016 and first quarter 2017. The final documents were signed December 19, 2014
More than 50 people remain missing a day after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region as severe weather conditions hampered a rescue operation, officials said on Tuesday.
One person was killed and the fate of more than 50 others was unknown after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region officials said on Monday. "When the fish were being hauled in, the vessel was hit by a wave
A South Korean naval ship fired warning shots on Tuesday after a North Korean patrol boat crossed a disputed sea border off the peninsula's west coast and fired shots back before retreating, a South Korean defence official said. There were no casualties on the South Korean side, he told Reuters
On Friday, Hamburg Süd celebrated the christening of its container ship “Cap San Antonio” at the Cruise Terminal of Le Havre, France, with customers and business partners. The sponsor is Veronika Schüller, wife of Prof Dr Stephan Schüller
When it comes to Arctic operations, the Russians arguably have more hands-on experience and investment than any other nation. With that in mind, Maritime Reporter spoke recently with Georgiy Bedrik, Head of the RS Business Development Division, for his input on RS and matters of the Arctic
StealthGas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today as part of its fleet expansion program the acquisition of two newbuilding LPG vessels.
Yoon Sang-Jick, Minister of Trade, Industry, and Energy (MOTIE) of Korea, held a meeting to check pending issues faced by Korean shipbuilding and offshore plant industry at Seoul Palace Hotel recently. The meeting was intended to examine current status of overseas and home industry and
Since 1990, steel has been used in the construction of some of the world’s biggest thrill rides but in recent years it is the steel market itself that has seen all the dips and climbs of a high speed rollercoaster. As the global shipping industry went through a major build cycle
With concurrence from South Korean commanders, the U.S. Navy amphibious assault ship USS Bonhomme Richard (LHD 6) is departing waters around Jindo, South Korea April 22 after assisting with search and rescue operations near the site of the Korean passenger ferry Sewol.
The past week was relatively quiet with no shipbuilding orders seen in the tankship or gas carrier sector, according to the latest Clarkson Hellas S&P Weekly Bulletin. Details as follows: Dry bulk ships A large order of twelve firm plus eighteen option 64
Herbert-ABS Software Solutions LLC, a company in marine regulatory, load management, salvage and ship design software, said it has opened an office in Busan to reinforce support for Korean-based shipyards, as well as improve the quality of service to this key market
Reuters - Yangzijiang Shipbuilding Holdings Ltd, a top Chinese shipbuilder, plans to build more mega container ships for shipowners eager to cut operating costs. Yangzijiang is China's third-largest listed shipbuilder by market capitalisation and has boasted profit margins that dwarf those of
MacGregor, part of Cargotec, saidi it won an order for two subsea cranes from South Korean shipyard Hyundai Heavy Industries Co Ltd. The active heave-compensated cranes will have an SWL of 100 and 25 metric tons, respectively. They will be fitted on board a new 160-meter heavy construction vessel